Home Equity Line of Credit (HELOC)
Put the Equity in Your Home to Work for You! Apply for a Home Equity Line of Credit.
Looking to purchase that big ticket item? The funds you need may be right in your own backyard – or closer! Many of our satisfied members have used home equity loans for:
· College tuition · Purchase a car · Pay for car repairs · Funeral expenses |
· Vacation · Pay off higher rate loans · Home improvement |
Borrow up to 80% of the equity in your home minus first mortgage balance.
For example: If a home is valued at $200,000 and the remaining mortgage balance is $100,000, we would lend up to $60,000. ($200,000 x 80% = $160,000 – $100,000 = $60,000)
· May be tax-deductible*
· Variable rates
· Minimum loan amount $5,000
· Quick turnaround time!